buffett tax
like many people, i have a problem with the proposed buffett tax. unlike most people i think it won't reach far enough. it shouldn't be an additional tax. it should be more like amt. an alternative minimum tax. a catchall to ensure that people aren't somehow slipping through the cracks in the tax code. and by cracks, i mean chasms. this way, the millionaires who are already paying a high rate won't be affected. and people have helpfully pointed out, with varying degrees of decorum, many millionaires do pay tax rates higher than the middle class. however, the tax proposal should go further. taxable income for alternative minimum tax purposes should be your regular income or the change in your net worth, whichever is greater. pass that one, and you won't need a special millionaire tax. heck we wouldn't even need the regular tax. timmer for president.